Ken Venick

Phone: 443-471-4310

ken@kenvenick.com

Owings Mills & Lutherville Mortgage
Owings

The FHA 203(k) Rehabilitation Mortgage

June 21, 2017 Leave a Comment Written by Ken

FHA 203(k) Rehabilitation Mortgage

The FHA 203(k) Rehabilitation Mortgage is an easy to use mortgage program specifically designed for those who wish to make improvements on an owner-occupied home they own or would like to buy.

Rather than having to obtain a separate loan to finance the cost of repairs (or walking away from a home they love because they don’t have the cash for home improvements), the FHA 203(k) Rehabilitation Mortgage allows you to finance the rehab costs within the first mortgage!

FHA STANDARD 203(k)

The FHA Standard 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs structural rehabilitation or major repairs in excess of $35,000. A HUD Consultant is required for FHA Standard 203(k) transactions.

PROGRAM HIGHLIGHTS

  • Structural changes are allowed
  • $5K minimum & no maximum repair amount
  • Landscaping & hardscaping allowed
  • Max completion time: 180 days (6 months)
  • Manufactured homes allowed

FHA LIMITED 203(k)

The FHA Limited 203(k) Rehabilitation Mortgage is used to purchase or refinance a home that needs minor and/or non-structural rehabilitation where the total cost of improvements do not exceed $35,000. A HUD Consultant is not required for FHA Limited 203(k) transactions.

PROGRAM HIGHLIGHTS

  • Minor remodeling
  • No minimum & up to 35K in repair amount
  • HUD consultant not required
  • Max completion time: 90 days (3 months)
  • Manufactured homes allowed

Contact me today to learn more!

Ken Venick | Vice President

Direct: 443-471-4310

Call: 410-598-9410

kvenick@equitymortgagelending.com

Mortgage

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Ken Venick

NMLS 138175

Equity Mortgage

NMLS# 128519

Owings Mills, MD 21117
Licensed in Maryland, Delaware, Washington DC, Pennsylvania, New Jersey, North Carolina and Florida
Ken Venick - Equity Mortgage Lending
Ken Venick - Equity Mortgage Lending
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Will Rouse
Will Rouse
05:58 08 Oct 19
Ken was fabulous! He was patient, thorough, informative, and very helpful. His team was equally as nice to work with. I... wouldn't go anywhere else to secure a home loan.read more
Juan Morales
Juan Morales
14:59 04 Sep 19
Ken Venick and his team are very professional and communicate with you very promptly. Ken helped answer all questions I... had and was always available. His team was able to get me the best rate as well as the best closing costs compared to other lenders while I was shopping around. I am in another state but had no issues in getting everything done on time. I highly recommend Ken Venick and his team for your next home purchase.read more
Jamie Crowley
Jamie Crowley
01:39 30 Aug 19
1st, I have to thank GOD for bringing Ken into my life, through GOD , anything is possible! . I’m still in awe as I... type this review . When I came across Ken, I was sad, angry, disappointed and I felt totally defeated. I called Ken one afternoon and he sat on the other end of the phone and listened to me explain my horrible situation. When I was through explaining a VERY LONG list of problems I had ran into , he simply said , send me your information. I can do loans that many people can’t , I can help you. Keep in mind I had dealt with 4 different loan officers that included 4 denials .... After I hung up, I still wasn’t sure if I could endure what I had endured the past 4 months and still be somewhat sane. I’m glad that I said to myself, one more try Jamie ... just one more . So I sent him all my info, as I had every document you could think of right at hand . He pinpointed what I needed to do . ONE THING. (TAXES) One simple thing . I did that. Throughout the process of clearing up what was wrong ( took about 3 weeks ) he stayed in touch with me , giving me updates on everything . To my surprise, I woke up one morning to an email from him with a pre approval letter! My excitement was beginning to return ! I found a home . Only it was more then what I originally asked for . The home was in a really good neighborhood and had 3 bids already. I needed a larger approval amount . I emailed Ken ON A SUNDAY asking if I could increase my loan amount so I could put in my bid ... HE ANSWERED ME WITHIN MINUTES ! The answer was YES! I put in my bid. Sellers took a few days to decide, and accepted mine!! On roughly August 7th. I was under contract :) Ken and his team went right to work . I don’t know what happens on their end , but I was kept fully informed of every step I needed to know . I would email a question, got an answer within 30 minutes . I must have drove them insane, as I had a lot of questions. Never once did any of the team make me feel as though I was bothering them . Long story short , this last effort , was actually effortless! I closed on my dream home today !! Right in Kens office! His processor Heather was one of the most supportive , knowledgeable people I have ever came to know . Kens knowledge, experience and genuine concern for this transaction was amazing. Please , if you want to buy a home , you would be insane not to contact him and begin your process . You will not be disappointed !!! Thank you Ken, Heather and Tammy for your help . You truly are great people ! I will tell everyone that will listen how experienced yet compassionate you all are . I could never thank you enough!!! You guys ROCK!!!!read more
CJ Azoulay
CJ Azoulay
20:10 22 Aug 19
There was so much drama and back and forth with my ex, but through it all Ken was incredibly kind, calm and... professional throughout the whole refinance process. I HIGHLY recommend Ken Venice with Equity mortgage. You won’t be disappointed!!!read more
Austin Simmons
Austin Simmons
22:30 03 Jun 19
Ken and his team were fabulous to work with. We were looking to close on a vacation home purchase within 30 days. The... process was effortless on our part, Ken and his team took care of everything. We received a great rate and loan program, and were able to celebrate the long holiday weekend in our new property. We could not be happier and would highly recommend Ken to anyone looking for a smooth mortgage process!read more
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